New Zealand's annual trade deficit has widened to $3.3billion - its highest since early 2009 - most affected by a rise in Chinese imports and from US capital goods including aircraft imports.
Beef exports were the standout in export growth and were on track to fill their quota to the US for the first time in 11 years, and were also up by nearly 90% to China.
In measuring the values of exports against imports, for the month of August the trade deficit widened from $465million a year ago to $1.04billion, while for the year to August, it increased from $2.76billion to $3.73billion.
Exported goods rose 5.6% to $3.7billion and imports rose 19% to $4.8billion.
New Zealand's exports to China for August were up just 0.5%, with fruit, dairy and meat each up by just over $30million, which offset a $95million decline in live animal exports.
New Zealand's top four import partners each showed higher figures; Japan up 18%, US up 58%, the EU up 12% and China up 34%.
US imports were up by $253million, including $203million in aircraft parts, and China by $244million, the latter across a range of commodities.
ASB senior economist Jane Turner said the annual trade deficit of $1.04billion was ''slightly wider'' than the market expected and largely due to the ''enduring strength'' of import demand.
''Exports have increased on a seasonally adjusted basis over the past two months, with non-dairy exports continuing to perform relatively well. Beef is the clear standout,'' she said.
Statistics New Zealand international statistics senior manager Jason Attewell said beef export values to the US reached a record of $1.6 billion, up 64% for the season to date, with quantities up 21% compared with this time last year.
Beef export values to China continued to increase, up 88% for the season to date, to $394million, with quantities up 52% compared with this time last year, he said.
''International shortages, rising production, and a falling New Zealand dollar have contributed to this record beef season,'' Mr Attewell said.
Ms Turner said she expected the trade deficit to widen over the next six months, reflecting lower dairy export receipts, while imports remained relatively firm.
''Dairy, our largest goods export, is expected to remain a poor performer over the coming year, weighed by low international prices and falls in New Zealand production,'' she said.
Westpac's senior economist, Satish Ranchhod, said the wider than expected deficit was due to importation of aircraft, so did not imply any ''significant risk'' for the trade balance in the future.
When seasonally adjusted, exports rose 4%, led by the increase in the value of meat exports, with gains in both volumes and prices.
